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but maybe would welcome this would romney said i will cut tax rates i will limit deductions and allowances. rethink of the rich guys around the country saying i know you would substantially cut taxes but i wonder doesn't come back to hurt? i don't know this 5 trillion or billion but is striking a surprising reaction. >> the $5 trillion tax cut number is bogus. neil: where did they get it? >> he said he wanted 20% across the board rate cut but they did not consider he would eliminate deductions and credits and exclusions to pay for all or part of that. neil: he did not specify. >> correct. he led them to believe he would not eliminate certain things. the bottom line. you cannot have 46 point* 4 percent of taxpayers not paying income tax. 15.9% poverty rate. 46 .4% don't pay federal taxes. 20% and rebates. we have to close the gap and the effective tax rate for the wealthy needs to go up but how you do that matters. bring the rate down and if we can bring that down individual and corporate, you can eliminate the difference from capital gains and ordinary and come to help the situation. i tal
but maybe would welcome this would romney said i will cut tax rates i will limit deductions and allowances. rethink of the rich guys around the country saying i know you would substantially cut taxes but i wonder doesn't come back to hurt? i don't know this 5 trillion or billion but is striking a surprising reaction. >> the $5 trillion tax cut number is bogus. neil: where did they get it? >> he said he wanted 20% across the board rate cut but they did not consider he would eliminate...
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. >> governor romney and i both agree our corporate tax rate is too high. governor romney and i, we both agree that we've got to boost american energy production. one of the things i suspect governor romney and i probably agree on is getting businesses to work with community colleges so they are setting up their training programs. >> do you agree, governor? >> let me finish my point. >> what's the strategy there? why try to raise romney up to his level? >> yeah, you know, it was one of those moments where i was watching this on twitter where people who supported the president were literally having their heads exploding. this is where you see the obama camp sometimes reading too much into what makes him more popular and likable. i think they see, well, he's a guy willing to compromise and be conciliatory. they didn't want to sacrifice likability in order to go against mitt romney, but unfortunately that's not how you debate. i think they need to go back and stop trying to shore up what's already there, that the president is likable. the president is presiden
. >> governor romney and i both agree our corporate tax rate is too high. governor romney and i, we both agree that we've got to boost american energy production. one of the things i suspect governor romney and i probably agree on is getting businesses to work with community colleges so they are setting up their training programs. >> do you agree, governor? >> let me finish my point. >> what's the strategy there? why try to raise romney up to his level? >> yeah,...
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michael, romney says if you lower the tax rates what happens is, businesses have more money. businesses have more money they can hire more people and, guess what, everyone starts paying taxes and that is how you close the deficit. true? >>guest: it is true that is what he is saying. it is true that is the way a model would have it play out. the question and what assumptions go in that assertion by lowering rate and obviously on some level, lowering immediate revenue, probably, because you do caught in have all the details on closing the deductions, how, exactly, that accelerates the economy to a point without making it up on the back end. >>trace: the president, again and again, michael, he said the governor plans to raise taxes or lower taxes by $5 trillion and a couple trillion on top of that and this is how governor romney responded, and i want your reaction. >> you and your running mate say that and i know it is popular to say with a lost people but it is not the case. i have five boys. i'm used to people saying something that is not always true but keep on repeating it a
michael, romney says if you lower the tax rates what happens is, businesses have more money. businesses have more money they can hire more people and, guess what, everyone starts paying taxes and that is how you close the deficit. true? >>guest: it is true that is what he is saying. it is true that is the way a model would have it play out. the question and what assumptions go in that assertion by lowering rate and obviously on some level, lowering immediate revenue, probably, because you...
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when it comes to our tax code, governor romney and i both agree that the corporate tax rate is too high. so, i want to lower it, particularly for manufacturing, taking it down to 25%. but i also want to close those loopholes that are giving incentives for companies that are shipping jobs overseas, i want to provide tax breaks for companies investing in the united states. on energy, governor romney and i agree we've got to boost american energy production. and oil and natural gas production are higher than they've been in years. but i also believe that we've got to look at the energy source of the future, like wind and solar and biofuels and make those investments. so, all of this is possible, now, in order for us to do it, we do have the close our deficit and i'm sure we'll be discussing tonight how do we deal with our tax code and how do we make sure that we are reducing spending in a responsible way, but also how do we have enough revenue to make those investments? and that's where there's a difference, because governor romney's plan calls for a $5 trillion tax cut on top of the exten
when it comes to our tax code, governor romney and i both agree that the corporate tax rate is too high. so, i want to lower it, particularly for manufacturing, taking it down to 25%. but i also want to close those loopholes that are giving incentives for companies that are shipping jobs overseas, i want to provide tax breaks for companies investing in the united states. on energy, governor romney and i agree we've got to boost american energy production. and oil and natural gas production are...
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they want you to think of romney's effective tax rate at 14%. but the president didn't go there tonight. he missed those opportunities and left an opening for the romney campaign. >> pelley: >> pelley: juliana, thank you very much. joining us right now is major garrett from "national journal." one of the subjects covered tonight was health care, the affordable care act which some people call obamacare a term the president endorsed tonight. he said he liked that term. i wonder what you thought of the cases that were made by governor romney and the president on health care. >> scott great to be with you. i thought the health care debate was a prism into which to look at the entire economic debate which this debate was focused on largely. but health care talked about jobs, mitt romney said the president's health care law will cost jobs. the president said no it will provide jobs and security. so you saw strong contrast between the perceptions of what the president's health care law means. governor romney went to great lengths to say he would preser
they want you to think of romney's effective tax rate at 14%. but the president didn't go there tonight. he missed those opportunities and left an opening for the romney campaign. >> pelley: >> pelley: juliana, thank you very much. joining us right now is major garrett from "national journal." one of the subjects covered tonight was health care, the affordable care act which some people call obamacare a term the president endorsed tonight. he said he liked that term. i...
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it's important mitt romney delivers that message tonight. david: to the middle section, corporate taxes. the interesting thing is despite the fact we have thee highest corporate tax rate in the developed world, the effective tax rate, because of the deductions and the special deals and all of the things that were worked out between the lawyers and lobbyists in washington and the politicians, the effective tax rate is 10%-12%. the government receives out of the $2 trillion that the corporations make in profits the, the government received $200 billion. maybe tonight's the night to have a bold specific plan and say, look, we're just clerking 12% of revenue from corporations. bring the rate way down to 15%, making it very competitive, and bring businesses home. what do you think of that, steve? >> well, you know, that's a great point. part of the reason why the effective tax rates are off are because so many businesses are running losses and have run losses through the financial crisis, and you carry the losses forward and offset gains recently
it's important mitt romney delivers that message tonight. david: to the middle section, corporate taxes. the interesting thing is despite the fact we have thee highest corporate tax rate in the developed world, the effective tax rate, because of the deductions and the special deals and all of the things that were worked out between the lawyers and lobbyists in washington and the politicians, the effective tax rate is 10%-12%. the government receives out of the $2 trillion that the corporations...
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he said he wants to lower tax rates? how is that not lowering tabs for the rich. >> then you can't also then say he's going to on the loophole piece, you can't say he's not going to do the loopholes. i know you want to know the details. >> but i'm just saying, it might be cute about the son, burr the substance just isn't there. >> you're not willing to give him any credit. >> oh, yeah. >> the guy came very well prepared. he had specifics. >> he did? >> he looked obama in the eye. he was someone who was presidential and came ready to play. >> i'll tell you something, i am the only person as my pal dana has said, who thinks obama did well. so i know -- >> obama needs to step up his game. don't apologize for him. he's the president of the united states. he deserves to do better than that. >> i don't really believe he -- you really believe obama did well is this. >> yeah, i do. >> let's move on. >> moving on. you probably wondering what's eric bolling's favorite moment was? that is coming up in the next block. we'll have mor
he said he wants to lower tax rates? how is that not lowering tabs for the rich. >> then you can't also then say he's going to on the loophole piece, you can't say he's not going to do the loopholes. i know you want to know the details. >> but i'm just saying, it might be cute about the son, burr the substance just isn't there. >> you're not willing to give him any credit. >> oh, yeah. >> the guy came very well prepared. he had specifics. >> he did? >>...
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romney curtail to avoid as he insisted he would having the lower tax rates he proposes add trillions to the debt? he didn't say. onmaintaining he would not under any circumstances raise the taxes on middle in americans. how would mr. obama strengthen social security over the long term must be done? he didn't explain, only a tweak is needed. the president saying that he would -- that he had embraced simpson-bowles. >> he had not. >> if you ask simpson and bowls, he did not. he gave them a pat on the back and sent them out of the rose garden. >>> you're right. we went into this and said there's two guys debate, there's 90 minutes, almost exclusively focused on the economy, we'll get some meat on the bone here. but we forgot that this is politics. there are less than five weeks to go before the election, and there are certain things, mitt romney's tax plan, barack obama on social security, barack obama on simpson bowls and debt reduction, they don't want to put meat on the bone. people criticized the moderator. i'm not sure if the moderator pushed more for specifics if they decided i'm
romney curtail to avoid as he insisted he would having the lower tax rates he proposes add trillions to the debt? he didn't say. onmaintaining he would not under any circumstances raise the taxes on middle in americans. how would mr. obama strengthen social security over the long term must be done? he didn't explain, only a tweak is needed. the president saying that he would -- that he had embraced simpson-bowles. >> he had not. >> if you ask simpson and bowls, he did not. he gave...
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>>> a top romney surrogate. will the governor disavow that talk. that's next. ing? yeah. one phillips' colon health probiotic cap each day helps defend against these digestive issues with three strains of good bacteria. approved! [ phillips' lady ] live the regular life. phillips'. boring. boring. [ jack ] after lauren broke up with me, i went to the citi private pass page and decided to be...not boring. that's how i met marilyn... giada... really good. yes! [ jack ] ...and alicia. ♪ this girl is on fire [ male announcer ] use any citi card to get the benefits of private pass. more concerts, more events, more experiences. [ jack ] hey, who's boring now? [ male announcer ] get more access with the citi card. [ crowd cheering, mouse clicks ] >>> we're back with the romney team going ugly. romney's campaign co-chair former new hampshire governor john sununu describing president obama's debate performance today. >> he has been lazy and disengaged and has no idea, not only of his own policies, but has no idea what mitt romney's real policies are. p. >> you don't think there
>>> a top romney surrogate. will the governor disavow that talk. that's next. ing? yeah. one phillips' colon health probiotic cap each day helps defend against these digestive issues with three strains of good bacteria. approved! [ phillips' lady ] live the regular life. phillips'. boring. boring. [ jack ] after lauren broke up with me, i went to the citi private pass page and decided to be...not boring. that's how i met marilyn... giada... really good. yes! [ jack ] ...and alicia. ♪...
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i'll tell you romney's response. if you lower everybody's tax rates, this is what he believes, they'll take the money saved by not giving it to the government and invest it or spend in it a fashion that will goose the economy and create jobs. what mitt romney says is that everybody will pay a lower percentage of the income as taxes and more people working, earning more and as a result the government won't be giving up $4.9 over 5 years. they'll be getting that money back. >> money bc. >> that -- that's neither right or wrong. not true or a false. it's an assumption versus a different assumption. mitt romney and conservatives believe if you cut taxes you goose the economy and it becomes more prosperous. it's -- we don't know it's not true or true. it's a different economy now. >> what about tomorrow's the big day, the jobs number and romney specifically made a promise last night coming to job creation. let me roll this. >> if i'm president, i will create, help create 12 million new jobs in this country. with rising in
i'll tell you romney's response. if you lower everybody's tax rates, this is what he believes, they'll take the money saved by not giving it to the government and invest it or spend in it a fashion that will goose the economy and create jobs. what mitt romney says is that everybody will pay a lower percentage of the income as taxes and more people working, earning more and as a result the government won't be giving up $4.9 over 5 years. they'll be getting that money back. >> money bc....
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when it comes to our tax code, governor romney and i both agree that our corporate tax rate is too high, so i want to lower it. particularly for manufacturing. taking it down to 25%. but i also want to close those loopholes that are giving incentives for companies that are shipping jobs overseas. i want to provide tax breaks for companies that are investing here in the united states. on energy, romney and i, we both agree that we've got to boost american energy production, and they're higher than they've been in years, but i also agree that we've got to look at the energy sources of the future, like wind and solar and biofuels and make those investments, so all of this is possible. now, in order for us to do it, we do have to close our deficit, and one of the things i'm sure we'll be discussing tonight is how do we deal with our tax code and how do we make sure that we are reducing spending in a responsible way, but also how do we have enough revenue to make those investments, and this is where this is a difference because governor romney's central economic plan calls for a $5 trillion
when it comes to our tax code, governor romney and i both agree that our corporate tax rate is too high, so i want to lower it. particularly for manufacturing. taking it down to 25%. but i also want to close those loopholes that are giving incentives for companies that are shipping jobs overseas. i want to provide tax breaks for companies that are investing here in the united states. on energy, romney and i, we both agree that we've got to boost american energy production, and they're higher...
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the latest mortgage rate 3.3% record low. little earlier this morning jobless claims 367,000 newly unemployed people higher than last week. the big employment report comes out tomorrow. why is the dow up nearly 100? maybe it is a romney rally. maybe i was right. the price of oil back to $89 a barrel. i want to show you gas prices steady at $3.78. big spikes in california. los angeles one example $0.08 overnight. refinery across california. more on that debate. all energy development comes with some risk, but proven technologies allow natural gas producers to supply affordable, cleaner energy, while protecting our environment. across america, these technologies protect air - by monitoring air quality and reducing emissions... ...protect water - through conservation and self-contained recycling systems... ... and protect land - by reducing our footprint and respecting wildlife. america's natural gas... domestic, abundant, clean energy to power our lives... that's smarter power today. stuart: mitt romney said something causing o
the latest mortgage rate 3.3% record low. little earlier this morning jobless claims 367,000 newly unemployed people higher than last week. the big employment report comes out tomorrow. why is the dow up nearly 100? maybe it is a romney rally. maybe i was right. the price of oil back to $89 a barrel. i want to show you gas prices steady at $3.78. big spikes in california. los angeles one example $0.08 overnight. refinery across california. more on that debate. all energy development comes with...
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he says mitt romney wants a $5 trillion tax cut. that's defensible because he doesn't want to lower the rates. then he says in order to pay for it he has to raise tax on the middle class. the study he's because that on admits it's making that. you. mitt romney has never proposed raising taxes on the middle class. you might as well -- it's just as plausible to say mitt romney is going to pay for this tax cut by invading canada and seizing their oil wells. it's fictional assertions they are passing off as fact and saying romney is campaigning on raising middle class taxes. meanwhile the only way to pay for all of the spend can that barack obama has done and will continue to do under his budget is to raise taxes. a dollar spent is a dollar taxed. >> style is important in debates. and john kennedy when people listened on the radio did not win the first debate. he won the presidency because looking at the two of them on television, richard nixon lost the debate temperature that happened last night and barack obama has to do better on sty
he says mitt romney wants a $5 trillion tax cut. that's defensible because he doesn't want to lower the rates. then he says in order to pay for it he has to raise tax on the middle class. the study he's because that on admits it's making that. you. mitt romney has never proposed raising taxes on the middle class. you might as well -- it's just as plausible to say mitt romney is going to pay for this tax cut by invading canada and seizing their oil wells. it's fictional assertions they are...
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. >> early reviews say mitt romney turned in a strong performance in denver last night. it's thursday, october 4th. >> announcer: from abc news, this is "world news now." >>> good thursday morning, everybody. i'm paula faris. >> i'm rob nelson. welcome everybody. a lot of people are saying it looks like a brand new race this morning. we'll have complete debate analysis coming up in just a second. by all accounts a very good night, momentum game changer for mitt romney. >> bit of a head scratcher for the president. a lot of people said he just look ed listless. >> not, not a good night. so, expect reassessment. >> for sure. >> also this half-hour, laughing it up with america's post debate ritual. a look at "saturday night live's" long history of skewering the politicians. no one does it better than "snl." >> not gonna do it. >> not gonna do it. dana carvey. >> can't wait. hear how they're going to spin it. also ahead, we have heard so much about the peanut butter recall. now we meet a victim of the outbreak, a little boy whose scoop of peanut butter gave him the scare of
. >> early reviews say mitt romney turned in a strong performance in denver last night. it's thursday, october 4th. >> announcer: from abc news, this is "world news now." >>> good thursday morning, everybody. i'm paula faris. >> i'm rob nelson. welcome everybody. a lot of people are saying it looks like a brand new race this morning. we'll have complete debate analysis coming up in just a second. by all accounts a very good night, momentum game changer for...
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. >>> governor romney's tax plans would reduce rates by 20% across the board. he would keep it deficit neutral by trimming some of the $1.2 trillion year-end tax ducks. president obama argues there aren't enough deductions that only hit the rich so romney would have to hit the middle class. listen to this exchange. >> independent studies looking at this said the only way to meet governor romney's pledge are not reducing the deficit, or not adding to the deficit is by burden evening middle class families, the average middle class family with children would pay about $2,000 more. >> i will not under any circumstances raise taxes on middle income families. i will lower taxes on middle income families. you cite a study. there are six other studies that look to the study you describe and say it's completely wrong. >> reporter: the president is referring to a study by the tax anthropology sent wer which shows which tax deductions to put on the table on which to take off. the first study said it would result in the $2,000 tax increase the president mentioned. but the
. >>> governor romney's tax plans would reduce rates by 20% across the board. he would keep it deficit neutral by trimming some of the $1.2 trillion year-end tax ducks. president obama argues there aren't enough deductions that only hit the rich so romney would have to hit the middle class. listen to this exchange. >> independent studies looking at this said the only way to meet governor romney's pledge are not reducing the deficit, or not adding to the deficit is by burden...
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when romney said at the same time will cut tax rates from the rich to 35 to 25% or the rich will not pay less than now just disingenuous. megyn: will cut tax rates across the board. not just for the rich. >> numbers don't match up. he said the rich -- numbers don't work and he was not forced to make the numbers work last night. >> he is not giving, he is not giving tax relief to the wealthy. that is broken talking point. megyn: coming up next, serious update on meningitis. megyn: fox news alert. five people are now dead in a growing outbreak of deadly meningitis. dozens more are being treated in five states. doctors across the united states are on the lookout for any sign of this rare but deadly disease. trace gallagher has more in l.a.. trace? >> reporter: authorities in tennessee, megyn, this is by the way tennessee is where most of the cases are taking place. this is quote, evolving outbreak. so far five different states affected. take a look at the map. tennessee as we mentioned most cases with 18. virginia three, north carolina one, florida with two. five have died. three of tho
when romney said at the same time will cut tax rates from the rich to 35 to 25% or the rich will not pay less than now just disingenuous. megyn: will cut tax rates across the board. not just for the rich. >> numbers don't match up. he said the rich -- numbers don't work and he was not forced to make the numbers work last night. >> he is not giving, he is not giving tax relief to the wealthy. that is broken talking point. megyn: coming up next, serious update on meningitis. megyn:...
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you point out during the reagan years that tax rates were lower. but by lowering taxes on low-income earners, you help the economy. did it bother you last night to hear mitt romney talk about the middle class, i don't want to lower taxes on the higher income. >> i think everybody makes mistakes in that, who pays the tax isn't so much important. it's where the money goes. should the money stay with the people who earned it or should it stay in the state of ohio or should it go to washington? where is money most efficiently spent? and can you recover an economy by hiring more government workers? can you hire 100,000 government workers and say, oh, we're going to be better? someone has to pay for their salaries. government workers aren't bad people -- >> like class division? does that bother you? >> it always does. i live in bowling green, kentucky. should you leave the money in bowling green, kentucky, or send it to washington? and friedman said, nobody spends somebody else's money as well as they spend their own. so leave it with the people whose mo
you point out during the reagan years that tax rates were lower. but by lowering taxes on low-income earners, you help the economy. did it bother you last night to hear mitt romney talk about the middle class, i don't want to lower taxes on the higher income. >> i think everybody makes mistakes in that, who pays the tax isn't so much important. it's where the money goes. should the money stay with the people who earned it or should it stay in the state of ohio or should it go to...
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so it does bring down rates by 20%. but it also closes loopholes and eliminates special interest, you know, deductions and things like that. and that has a growth impact because it allows for more private sector investment and, you know, kind of gets the government out of picking winners and losers and steering the money and lets private sector individuals make those decisions. so it's not as he made clear last night, when you lower the rates and broaden the base, it's revenue neutral. except at the end of the day, you end up with more taxpayers, more people are higher incomes and do you get more revenue out of it, but it's not the same thing as has been proposed in the past on either side as the governor made clear last night. >> ed, good morning, it's willie geist. you touched on this a little bit. we were talking about the tax plan. $5 trillion over ten years, not $5 trillion in one year. and to achieve, to make up for that by closing tax loopholes and eliminating some deductions. why the reluctance from the campaign
so it does bring down rates by 20%. but it also closes loopholes and eliminates special interest, you know, deductions and things like that. and that has a growth impact because it allows for more private sector investment and, you know, kind of gets the government out of picking winners and losers and steering the money and lets private sector individuals make those decisions. so it's not as he made clear last night, when you lower the rates and broaden the base, it's revenue neutral. except...